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Course Planning by Program

2024-25

Essential Objectives

Course Syllabus


Revision Date: 22-Mar-24
 

Fall 2024 | ACC-2230-VO01 - Federal Taxes


Online Class

Online courses take place 100% online via Canvas, without required in-person or Zoom meetings.

Location: Online
Credits: 3 (45 hours)
Day/Times: Meets online
Semester Dates: 09-03-2024 to 12-16-2024
Last day to drop without a grade: 09-16-2024 - Refund Policy
Last day to withdraw (W grade): 11-04-2024 - Refund Policy
Open Seats: 16 (as of 07-19-24 8:05 PM)
To check live space availability, Search for Courses.

Faculty

Sherry Parshley
View Faculty Credentials

Hiring Coordinator for this course: Julie Dalley

Course Description

A study of federal tax laws and regulations as contained in the Internal Revenue Code, with the emphasis on individuals and sole proprietorships. Topics include income inclusions and exclusions, deductions, capital gains and losses, sales and exchanges, basis calculations, depreciable property, tax research, tax planning, and the preparation of the various tax forms and schedules applicable to an individual or a small business. Prerequisite: Financial Accounting.


Essential Objectives

1. Identify and properly categorize items to include or exclude as income and expenses/deductions.
2. Define a capital asset and discuss the tax rules governing the recording of its sale.
3. Compute the basis of an asset acquired by a purchase or by an exchange. Calculate the reportable gain in a like-kind exchange.
4. Demonstrate an understanding of the tax rules governing installment sales, depreciation recapture, casualty and condemnation losses, and passive losses.
5. Identify the various depreciation methods acceptable for Federal income tax purposes and demonstrate proficiency in properly depreciating various classes of assets.
6. Recognize and identify the major tax research publications used by professionals. Research a simple tax question and prepare a short memorandum of tax advice.
7. Describe the tax impacts of business decisions, and how proper planning can minimize ones tax liability.
8. Discuss the ethical issues relating to tax planning and preparation and understand the difference between tax evasion and tax avoidance.
9. Correctly prepare a moderately complex income tax return including self-employment income and asset sales.
10. Briefly discuss how the other economic entities (partnerships, corporations, estates, and trusts) are taxed.


Required Technology

More information on general computer and internet recommendations is available on the CCV IT Support page. https://support.ccv.edu/general/computer-recommendations/

Please see CCV's Digital Equity Statement (pg. 45) to learn more about CCV's commitment to supporting all students access the technology they need to successfully finish their courses.


Required Textbooks and Resources

ACC-2230-VO01 Link to Textbooks/Resources Information for this course in eCampus.

The last day to use a Financial Aid Advance to purchase textbooks/books is the 3rd Tuesday of the semester. See your financial aid counselor at your academic center if you have any questions.


Methods

Discussion Participation

Learn Smart Exercises

Homework Assignments

Quizzes

Library Research

Mid-Term Exam

Final Exam


Evaluation Criteria

Grading:

Homework Assignments (4 @ 50 pts)

200 PTS

20%

Participation ( 12 @ 20 pts)

240 PTS

24%

Quizzes (4 @ 50 pts)

200 PTS

20%

Mid-Term Exam (50 Qs @ 4 pts)

200 PTS

20%

Final Exam (50 Qs @ 4 pts)

200 PTS

20%

Total:

1040 PTS

104%

Please note that you can earn up to 40 extra points by participating in all 12 discussion forums.


Grading Criteria

CCV Letter Grades as outlined in the Evaluation System Policy are assigned according to the following chart:

 HighLow
A+10098
A Less than 9893
A-Less than 9390
B+Less than 9088
B Less than 8883
B-Less than 8380
C+Less than 8078
C Less than 7873
C-Less than 7370
D+Less than 7068
D Less than 6863
D-Less than 6360
FLess than 60 
P10060
NPLess than 600


Weekly Schedule


Week/ModuleTopic  Readings  Assignments
 

1

Introduction to Taxation

  

Read Chapter 1

Smart Book - Chapter 1 (optional)

Practice Quiz - Chapter 1 (optional

  

Discussion Forum #1

 

2

Basic Concepts and Form 1040

  

Read Chapter 2

Smart Book - Chapter 2 (optional)

Practice Quiz - Chapter 2 (optional)

  

Discussion Forum #2

Quiz #1

 

3

Gross Income: Inclusions and Exclusions

  

Read Chapter 3

Smart Book - Chapter 3 (optional)

Practice Quiz - Chapter 3 (optional)

  

Discussion Forum #3

Homework Assignment #1

 

4

Adjustments to Gross Income

  

Read Chapter 4

Smart Book - Chapter 4 (optional)

Practice Quiz - Chapter 4 (optional)

  

Discussion Forum #4

 

5

Itemized Deductions

  

Read Chapter 5

Smart Book - Chapter 5 (optional)

Practice Quiz - Chapter 5 (optional)

  

Discussion Forum #5

Quiz #2

 

6

Self-Employed Business Income

  

Read Chapter 6

Smart Book - Chapter 6 (optional)

Practice Quiz - Chapter 6 (optional)

  

Discussion Forum #6

Homework Assignment #2

 

7

Mid-Term Exam

  

Review all past quizzes and homework assignments

Review Chapters 1 through 6

  

Practice Mid-term (optional)

Mid-Term

 

8

Capital Gains and Other Sales of Property

  

Read Chapter 7

Smart Book - Chapter 7 (optional)

Practice Quiz - Chapter 7 (optional)

  

Discussion Forum #7

 

9

Rental Property, Royalties and Income from Flow Through Entities

  

Read Chapter 8

Smart Book - Chapter 8 (optional)

Practice Quiz - Chapter 8 (optional)

  

Discussion Forum #8

Quiz #3

 

10

Tax Credits

  

Read Chapter 9

Smart Book - Chapter 9 (optional)

Practice Quiz - Chapter 9 (optional)

  

Discussion Forum #9

 

11

Payroll Taxes

  

Read Chapter 10

Smart Book - Chapter 10 (optional)

Practice Quiz - Chapter 10 (optional)

  

Discussion Forum #10

Homework Assignment #3

 

12

Thanksgiving Break

  

No Readings

  

No Assignments

 

13

Retirement and Other Tax Deferred Plans

  

Read Chapter 11

Smart Book - Chapter 11 (optional)

Practice Quiz - Chapter 11 (optional)

  

Discussion Forum #11

Quiz #4

 

14

Partnerships and Corporate Taxes

  

Read Chapters 14 and 15

Smart Book - Chapters 14 and 15 (optional)

Practice Quiz - Chapters 14 and 15 (optional)

  

Discussion Forum #12

Homework Assignment #4

 

Attendance Policy

Regular attendance and participation in classes are essential for success in and are completion requirements for courses at CCV. A student's failure to meet attendance requirements as specified in course descriptions will normally result in a non-satisfactory grade.

  • In general, missing more than 20% of a course due to absences, lateness or early departures may jeopardize a student's ability to earn a satisfactory final grade.
  • Attending an on-ground or synchronous course means a student appeared in the live classroom for at least a meaningful portion of a given class meeting. Attending an online course means a student posted a discussion forum response, completed a quiz or attempted some other academically required activity. Simply viewing a course item or module does not count as attendance.
  • Meeting the minimum attendance requirement for a course does not mean a student has satisfied the academic requirements for participation, which require students to go above and beyond simply attending a portion of the class. Faculty members will individually determine what constitutes participation in each course they teach and explain in their course descriptions how participation factors into a student's final grade.


Participation Expectations

Class Participation:

Online discussions open on Tuesdays and end on Mondays at 11:59 EST.

Participation requires responding to the initial discussion question(s) not later than Friday of each week, with high quality interaction with classmates throughout the week. Your response should demonstrate that you can apply the concepts learned this week.



Missing & Late Work Policy

STUDENTS MUST SUBMIT THEIR ASSIGNMENTS ON OR BEFORE THE DEADLINES.

I am mindful of the busy schedules that each of you maintains. To make this experience productive and (I hope) painless for all of us, it is important that you communicate with me. Contact me well in advance of any schedule problems or conflicts that you anticipate (like vacations, etc) in order to work out a solution. It is very rare that I accept late assignment and only in cases of very compelling (and verifiable) reasons. Late work may be downgraded at the discretion of the instructor.


Accessibility Services for Students with Disabilities:


CCV strives to mitigate barriers to course access for students with documented disabilities. To request accommodations, please
  1. Provide disability documentation to the Accessibility Coordinator at your academic center. https://ccv.edu/discover-resources/students-with-disabilities/
  2. Request an appointment to meet with accessibility coordinator to discuss your request and create an accommodation plan.
  3. Once created, students will share the accommodation plan with faculty. Please note, faculty cannot make disability accommodations outside of this process.


Academic Integrity


CCV has a commitment to honesty and excellence in academic work and expects the same from all students. Academic dishonesty, or cheating, can occur whenever you present -as your own work- something that you did not do. You can also be guilty of cheating if you help someone else cheat. Being unaware of what constitutes academic dishonesty (such as knowing what plagiarism is) does not absolve a student of the responsibility to be honest in his/her academic work. Academic dishonesty is taken very seriously and may lead to dismissal from the College.